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NFTs News

NFT Lending Protocol ParaSpace Announces Upcoming Critical Upgrade 2.0

July 13, 2023 - Around 3 mins mins to read

Key Points:

  • NFT Lending Protocol ParaSpace announced that they will be launching version 2.0 soon.
  • Version 2.0 will pave the way for the future of lending with significant upgrades.
  • This upgrade will empower the web3 community through a simple yet powerful platform.
ParaSpace, the NFT lending agreement, has announced that it will soon launch version 2.0 with significant upgrades toward its goal of empowering the web3 community.
NFT Lending Protocol ParaSpace Announces Upcoming Critical Upgrade 2.0

ParaSpace 2.0 will pave the way for the future of lending with the following:

  1. Brand New Features: Allowing anyone to access universal liquidity for their assets.
  2. Decentralization: Creating the next generation of lending with the community.

Version 2.0 will mark a new generation of lenders, with new features being rolled out. At its core, this upgrade will empower the web3 community through a simple yet powerful platform.

ParaSpace is a Lending Protocol platform allowing users to borrow and lend against NFTs and tokens. NFT prices are provided by NFT Price Oracle and are based on the floor price of the NFT collection from OpenSea and LarvaLabs (for CryptoPunks).

NFT Lending Protocol ParaSpace Announces Upcoming Critical Upgrade 2.0

Main objects of operation on the ParaSpace platform:

  • Borrower (Borrower): Deposit NFT on the platform as collateral to borrow a corresponding amount and receive nToken (NFT standard ERC 721) representing the mortgaged NFT. In addition, Borrower can also use other collateral assets such as tokens and LP tokens on Uniswap V3, vToken (mint on NFTX), Aave’s aTokens, and Compound’s cTokens.
  • Lender (Lender): Send assets (tokens) to the platform to receive interest.

However, recently, the team that developed this NFT lending protocol had an internal dispute when it asked CEO Yubo Ruan to resign, accusing Yubo Ruan of misappropriating the 2,909 ETH recovered from the March hack.

In the opposite direction, Ruan confirmed that the above article was fabricated. He alleged that two former advisors, Thomas Schmidt, and Jay Yao, now the current COO and CBO, are illegally gaining control of the protocol’s multisig and Twitter accounts. Ruan asserted that after receiving the funds from BlockSec, “myself, Thomas, Jay, and other important parties” planned the refinancing in phases.

ParaSpace was hacked on the afternoon of March 17, 2023, but was able to stop the hack in time. At that time, BlockSec helped ParaSpace recover 2,900 ETH ($5 million) right before the risk of losing everything. On-chain inspection, the project found that about 50% of the funds remained unreimbursed, causing a hole in the protocol treasury. From there, internal disputes broke out.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

NFTs News

NFT Lending Protocol ParaSpace Announces Upcoming Critical Upgrade 2.0

Key Points:

  • NFT Lending Protocol ParaSpace announced that they will be launching version 2.0 soon.
  • Version 2.0 will pave the way for the future of lending with significant upgrades.
  • This upgrade will empower the web3 community through a simple yet powerful platform.
ParaSpace, the NFT lending agreement, has announced that it will soon launch version 2.0 with significant upgrades toward its goal of empowering the web3 community.
NFT Lending Protocol ParaSpace Announces Upcoming Critical Upgrade 2.0

ParaSpace 2.0 will pave the way for the future of lending with the following:

  1. Brand New Features: Allowing anyone to access universal liquidity for their assets.
  2. Decentralization: Creating the next generation of lending with the community.

Version 2.0 will mark a new generation of lenders, with new features being rolled out. At its core, this upgrade will empower the web3 community through a simple yet powerful platform.

ParaSpace is a Lending Protocol platform allowing users to borrow and lend against NFTs and tokens. NFT prices are provided by NFT Price Oracle and are based on the floor price of the NFT collection from OpenSea and LarvaLabs (for CryptoPunks).

NFT Lending Protocol ParaSpace Announces Upcoming Critical Upgrade 2.0

Main objects of operation on the ParaSpace platform:

  • Borrower (Borrower): Deposit NFT on the platform as collateral to borrow a corresponding amount and receive nToken (NFT standard ERC 721) representing the mortgaged NFT. In addition, Borrower can also use other collateral assets such as tokens and LP tokens on Uniswap V3, vToken (mint on NFTX), Aave’s aTokens, and Compound’s cTokens.
  • Lender (Lender): Send assets (tokens) to the platform to receive interest.

However, recently, the team that developed this NFT lending protocol had an internal dispute when it asked CEO Yubo Ruan to resign, accusing Yubo Ruan of misappropriating the 2,909 ETH recovered from the March hack.

In the opposite direction, Ruan confirmed that the above article was fabricated. He alleged that two former advisors, Thomas Schmidt, and Jay Yao, now the current COO and CBO, are illegally gaining control of the protocol’s multisig and Twitter accounts. Ruan asserted that after receiving the funds from BlockSec, “myself, Thomas, Jay, and other important parties” planned the refinancing in phases.

ParaSpace was hacked on the afternoon of March 17, 2023, but was able to stop the hack in time. At that time, BlockSec helped ParaSpace recover 2,900 ETH ($5 million) right before the risk of losing everything. On-chain inspection, the project found that about 50% of the funds remained unreimbursed, causing a hole in the protocol treasury. From there, internal disputes broke out.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.